摘要
情境研究已成为组织冗余与企业绩效关系研究的新趋势。本文以2010-2012年中小板和创业板首次公开上市公司为研究样本,采用相关分析、多元回归分析和Heckman两阶段回归等多种统计分析方法,探讨了创业投资对组织冗余与企业绩效关系的调节作用。研究发现,在中小企业和创业企业中,组织冗余与企业绩效存在倒U型关系,而创业投资参与对两者关系存在负向调节作用。进一步研究显示,创业投资持股比例越多,投资期限越长,负向调节作用越强,但联合创业投资的调节作用并不显著。本文的结论丰富了有关组织冗余与企业绩效关系的情境因素研究,并从一个侧面深化了对创业投资协助和监督作用的认识,研究结果对中小企业和创业企业、创业投资机构以及政策制定者都有一定的借鉴意义和参考价值。
Contextual analysis has become a new research trend in the study of the relationship between organizational redundancy and corporate performance. This paper takes the IPO companies of SME board and growth enterprise board from 2010 to 2012 as the research sample and explores the adjusting roles played by venture capital in organizational redundancy and corporate performance by using many statistical analysis methods like correlation analysis,multiple regression analysis,and Heckman two-step regression. Research finds:in SME and growth enterprises,inverse U-shaped relationship exists between organizational redundancy and corporate performance and venture capital plays negative adjusting roles in the relationship between the two.Further research indicates that the bigger the proportion of the stocks held by venture capital,the longer the investment term,the stronger the negative adjusting roles. But the adjusting roles of joint venture capital are not significant. The conclusions of this paper enrich the study on the contextual factors related to the relationship between organizational redundancy and corporate performance relationship and deepen the recognition on the assisting and supervising roles of venture capital from one aspect. The research results have certain learning significance and reference value for SME,growth enterprises,venture capital institutions and policymakers.
出处
《当代经济科学》
CSSCI
北大核心
2015年第2期114-123,128,共10页
Modern Economic Science
基金
国家社会科学基金年度重点项目"生态位理论范式下的股东关系及其经济后果研究"(批准号13AGL003)
国家社会科学基金青年项目"上市公司大股东关系
董事会履职与盈余质量研究"(批准号11CGL026)
关键词
创业投资
组织冗余
企业绩效
调节作用
Venture Capital
Organizational Redundancy
Corporate Performance
Adjusting Role
